1. DON’T QUIT YOUR DAY JOB
If you have one, do not quit your day job!
When people want to start a business and their automatic inclination is to wonder, “How do I quit my day job?” Business is not a movie, you have to chill and be realistic. Here is a great quote to consider:
“Your employer is your first investor.”
Having a day job while building a business has 2 main advantages:
- You have an income stream which allows you to invest in your business.
- You have an income stream that relieves you from the day-to-day stress of having to maintain your living standard. It takes away the pressure of you needing to make your business profitable immedi- ately so that you have time to build.
So, when do you leave your day job?
Usually, when your monthly earnings in your business are double (or more) of your current salary. At that point, you should make the jump so you can commit more time to your business. Also, the jump does not have to be a dramatic, slamming your notice on the table moment. You can gradually reduce your hours at work until you have the means to completely leave. Quitting looks great on TV, but in real life, it’s about having patience.